WeiBlock is a Bitcoin SV-based social network application released on the 28th of August this year. Based on the moneybutton’s user login system, it has a simple and clear operation interface. By simply entering the domain name weiblock.app, you will be at the main interface of the product. On this social media platform, users can post text and pictures, browse others’ posts and leave “likes” or comments.
Unlike other social media platforms, such as Twitter or Weibo, for every action by the users, including posting, liking and commenting, data will be recorded on the Bitcoin SV blockchain and stored permanently. When a user’s post is liked or commented on by others, this user receives a small amount of BSV reward (worth $0.01) from those who liked or commented it.
The WeiBlock team is from Shanghai, China, and it is composed of only three people. This small team developed and released the first version of the product in only one and a half months. So far almost 1000 users have experienced the on-chain socialising by WeiBlock. Its automatic translation feature, in particular, has attracted a lot of users from overseas. Many users have said that they enjoyed it very much when their carefully-created posts were appreciated by others. If they successfully initiate a popular topic, they can receive many comments. Each “like” and comment can bring them a small amount of BSV reward, which gives them the motivation to publish more ”wise or interesting” content.
During our meeting, the founder of WeiBlock, Wansheng, talked about his intention when creating this product: “I wanted to create a new form of social media; a blockchain-based social network, where users pay to post, pay to comment and give tips for the content that they like. All the payments are micropayments based on BSV. Through these micropayments, WeiBlock has built an economic incentive model under which premium content creators receive rewards and thus produce more high-quality content. This will attract more users, which in turn will give more economic incentive to the content creators. This virtuous cycle makes WeiBlock a self-driving and self-growing system.”
On the 15th of October, only one and a half months since WeiBlock had been released, the team managed to quickly update the product with the release of the second version, where they added a number of features, including My Following, Hot Posts and Latest Images. The new version has more traits associated with social media, and provides a better and more interactive user experience. It marks an important step towards making WeiBlock a well-established platform.
Of all the new features, the highlight is the My Following. When users want to follow another account, they need to tip the account owner an amount of money of their choice. Then, when they see content they like, they can separately tip the author any value they like, even beyond the previous $0.01 cap.
When asked whether WeiBlock would like to share its experience with other BSV developers, 24-year-old WeiBlock development engineer Ceshu said, “Before WeiBlock, I had never worked in the blockchain development. I had always been working on front-end development, but this time, I am working as a full stack engineer at WeiBlock. The reasons why I chose to be a BSV blockchain developer are that Bitcoin has a very stable underlying technology, and that BSV’s unlimited scaling capability and low fees give the product a lot of room for future development. However, my own ability is limited, so most of the credit for the rapid upgrade of the product goes to the BSV developer community and the support and help from WeiBlock users, who have become WeiBlock’s test engineers and product managers, helping us to quickly detect defects and improve functionality. It was such an unexpected surprise to have gained so much help from the BSV ecosystem!”
The concept of on-chain social networking has been existing for many years, but many projects gradually decay due to the low-efficiency of the underlying blockchain technology or defects within the economic model used. Currently, the BSV on-chain transaction fee is as low as 1 Sat./Byte with very low trade friction. The blockchain’s future scaling will dramatically further decrease the price. These features are of great importance and present an unbeatable competitive advantage for a social network product on which transactions happen with high frequency but low value. WeiBlock will challenge the status quo, where traditional social media platforms dominate the market and exploit their users’ data for profit through advertisements. On a blockchain-based social media platform, the users are in control; they have ownership over their data and assets and the platform cannot delete or tamper with their content. The platform can also motivate the users to create quality contents by using a sound economic incentive.
WeiBlock is an excellent example of “earning and using BSV”. The launch of such social networking products has demonstrated the practicability and business value of Bitcoin micropayments and storing data on blockchain. As a global digital currency, BSV’s development will also centre on micropayments and expand to bigger real-world business areas.
You can contact the WeiBlock team via:
Email: [email protected]